International showjumper Nicola FitzGibbon will be among those competing in the 151st Gallagher Dublin Horse Show, which takes place at the RDS, Dublin, from Wednesday, August 5th to Sunday, August 9th.
Are you a saver or a spender?
I don’t spend much on myself and when I do, it’s mainly for experiences and opportunities. In my business, I’ll spend significant amounts if I believe it’s a good investment, whether that’s buying a horse or investing in my facilities.
What was the first job you received money for, and how much were you paid?
The first money I earned was actually for household chores. I fell in love with ponies at a very young age and begged my parents for one. They told me that if I saved enough, I could buy a pony myself, so I suddenly became very entrepreneurial.
Windows, cars and shoes were all polished to within an inch of their lives – for a small fee, of course. I also organised dog showjumping competitions in the garden and charged an entry fee. My parents soon started wondering whether teaching their daughter about financial responsibility had actually been such a good idea after all.
RM Block
Do you shop around for value?
Absolutely, almost to a fault. I’m not always looking for the cheapest option but the best value, which means I sometimes spend too long researching before committing to a purchase. In horses especially, buying cheap often turns out to be expensive.
I was given the solid advice early on that a bad horse costs the same to feed as a good one, so I spend a lot of time analysing whether something will deliver value over the long term rather than just looking at the purchase price. The same philosophy applies to the companies I choose to work with. I especially love working with Irish-founded and Irish-owned companies wherever I can, and I only ever partner with brands whose products I genuinely use and believe in.
What has been your most extravagant purchase, and how much did it cost?
My arena floodlights. At €40,000, they ended up costing me far more than I originally planned. However, they have been a game-changer during the winter months for my clients, allowing training sessions to take place later in the evenings, which facilitates students who ride and train after their work or school day finishes.
What purchase have you made that you consider the best value for money?
The only significant personal purchase I’ve made was a two-year-old Mercedes CLA. That was now 10 years ago and she’s still going strong, has kept me safe and has never given me any trouble, so it was a great value purchase for me.
Is there anything you regret spending money on?
The only purchases I really regret are when I’ve compromised on my spending values. Buying something because it’s cheaper, following the latest fashion or trying to make something work that I wasn’t completely convinced about usually ends up costing more in the long run.
Do you haggle over prices?
This is a prerequisite to be successful in the horse business, so yes. It was a slow learning process for me, though. I used to be mortified when my mum would haggle in the markets while we were on holidays. I would want to just hand over the asking price straight away.
Do you invest in shares and/or cryptocurrency?
I have done a small bit of investing in companies that interest me but I don’t have the time or discipline to study the markets properly, so I certainly wouldn’t risk investing money that I couldn’t afford to lose.
Do you have a retirement or pension plan?
I don’t think you can ever retire from horses, but no is the answer. Sorting that out is firmly at the top of my to-do list this year.
What was the last thing you bought, and was it good value for money?
The last significant purchase was a beautiful five-year-old mare. She was good value for her quality but, as I say, I always buy with a long-term plan rather than chasing short-term results.
Have you ever lost money?
Many times. Just like any other financial investment, horses are unpredictable assets and things don’t always go to plan. I’ve learned just as much from the horses that didn’t work out as I have from the ones that did. Fortunately, the successful ones far outweigh the unsuccessful.
Those experiences have also made me very conscious of the responsibility that comes with spending other people’s money. Whether it’s an owner investing in a horse or a sponsor investing in me, I never take that trust for granted and always strive to ensure they feel their investment has been worthwhile.
Are you a gambler and, if so, have you ever had a big win?
I’m not. I feel I’m a terribly unlucky gambler and I would only ever throw €2-€5 on. Even hot favourites tend not to win if I bet on them!
What is your best habit when it comes to money? And your worst?
My best habit is looking at value rather than price. Whether it’s a horse, a business decision or a piece of furniture, I’m always most interested in quality and longevity. I love antiques and preloved pieces for exactly that reason.
My worst habit is buying birthday and Christmas presents in advance when I see items that I know someone will love, then completely forgetting about them when the occasion comes around and buying something else instead.
How much money do you have on you now?
None. I’m terrible for misplacing cash, so Apple Pay has been a game changer for me.
